MTD – Income Tax

Customers must maintain electronic records of their Income and expenses in an MTD compatible App like Rhino.

Customers then connect Rhino to the MTD Tax System – this is a one-off exercise and usually takes less than two minutes to complete this step.

Once connected, Rhino will retrieve your quarterly Obligation Dates (for Income Tax).  To complete a quarterly submission, Rhino will summarise and update the MTD System with just a few clicks.

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Recording your Income

Rhino makes it easy to create Invoices and record customer payments on your phone or computer.

…on your smart phone

…on your tablet, laptop or computer

Recording Expenses

Rhino makes it easy to create your Expenses.  You can even take a photo of the Receipt – there no need to retain paper copies!

…on your smart phone

…on your tablet, laptop or computer

The MTD Submission Process

Once you have recorded your transactions, you will need to do the following: –

Connect Rhino to the MTD System (Authentication Process)

Connecting the Rhino Small Business App to the MTD platform is a one-off exercise and will take approximately one minute to complete. This process grants the Rhino Small Business App the permission to update the MTD platform on your behalf thereby avoiding the need to log the HMRC Web Site.

Provide Quarterly Updates

Each time you go into the Income Tax Submission Process, the Rhino App will take a few seconds to download the latest set of ‘Income Tax Obligation Dates’ that have been made available by HMRC.

Submitting your Data to HMRC

Rhino will summarise the Income and Expense Data and submit a summary of this data to HMRC. Once submitted, the detailed transactions that are associated with the Submission are locked. This lock maintains an audit connecting the detailed transaction to the summary data that you submitted. You will be able to enter new Invoices and Expenses for a period that you have already submitted.

Finalise your Tax Affairs

You can use the Rhino app to declare that you have finalised your Income Tax Submission for the Year. This MTD Income process is currently voluntary but it does mean that you will no longer need to complete the online Self-Assessment Tax Return.

For more on Making Tax Digital…

2021-03-10T09:05:45-07:00
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